The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), closed at 18,287.50, down 0.37 percent or 67.51 points from the previous close. The 30-share index hit a high of 18,293.40 and low of 18,170.77.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed 0.46 percent or 25.45 points down at 5,460.70. The index touched a low of 5445.35 and a high of 5491.45 in intra-day trade.
Among the major drags on the Sensex were Sterlite Industries, down 2.40 percent at 175.20; Wipro, 2.12 percent down at 427.90; Hindalco, 1.83 percent down at 163.80 and TCS, 1.56 percent down at 864.55.
Tata Motors, which was trading in the red until noon, surged more than four percent buoyed by better than expected first quarter results. The scrip closed 4.17 percent higher at 957.30.
Among the gainers were Jaiprakash Asso, up 3.25 percent at 122.25; Hindustan Unilever, up 1.76 percent at 260.20; and L&T, up 0.91 percent at 1,826.90.
Broader markets indices were also in the red with the BSE midcap index down 0.51 percent and the BSE smallcap index down 0.35 percent from the previous close.
Other Asian markets also declined after data revealed that China’s imports for the month of July were weaker than expected. The Chinese Shanghai Composite index fell 2.88 percent at 2,595 points. Hong Kong's Hang Seng declined 1.50 percent at 21,473.60 and the Japanese Nikkei declined 0.022 percent at 9,551.
European markets were also in the red. The FTSE 100 was trading 0.47 percent down at 5,385 points, while the German DAX was 0.63 percent down at 6,311. The French CAC 40 was trading 0.63 percent down at 3,753 points at closing bell here.